Wall Street analysts expect that MGM Growth Properties LLC (NYSE:MGP) will report $286.22 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for MGM Growth Properties’ earnings. The lowest sales estimate is $281.64 million and the highest is $290.80 million. MGM Growth Properties posted sales of $182.80 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 56.6%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, November 14th.
According to Zacks, analysts expect that MGM Growth Properties will report full year sales of $986.72 million for the current year, with estimates ranging from $965.40 million to $998.57 million. For the next fiscal year, analysts expect that the company will report sales of $1.12 billion per share, with estimates ranging from $1.02 billion to $1.18 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for MGM Growth Properties.
MGM Growth Properties (NYSE:MGP) last issued its earnings results on Tuesday, August 7th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by ($0.33). MGM Growth Properties had a return on equity of 0.81% and a net margin of 5.85%. The company had revenue of $220.40 million during the quarter, compared to analysts’ expectations of $218.17 million. During the same quarter in the prior year, the business posted $0.50 EPS. The company’s revenue for the quarter was up 19.5% compared to the same quarter last year.
MGP has been the topic of several analyst reports. Barclays lifted their price target on shares of MGM Growth Properties from $33.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, July 12th. Zacks Investment Research upgraded shares of MGM Growth Properties from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research note on Wednesday, April 25th. Citigroup upgraded shares of MGM Growth Properties from a “neutral” rating to a “buy” rating in a research note on Wednesday. Morgan Stanley lifted their price target on shares of MGM Growth Properties from $29.00 to $32.00 and gave the stock a “hold” rating in a research note on Tuesday, July 24th. Finally, Bank of America lifted their price target on shares of MGM Growth Properties from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, July 17th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $32.22.
MGP stock traded down $0.29 on Tuesday, hitting $29.34. The company had a trading volume of 405,213 shares, compared to its average volume of 571,047. The stock has a market capitalization of $2.10 billion, a P/E ratio of 14.60, a P/E/G ratio of 1.43 and a beta of -0.46. MGM Growth Properties has a 12-month low of $25.31 and a 12-month high of $31.83. The company has a current ratio of 8.43, a quick ratio of 8.04 and a debt-to-equity ratio of 0.66.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 16th. Stockholders of record on Friday, June 29th were paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 5.86%. The ex-dividend date was Thursday, June 28th. This is a boost from MGM Growth Properties’s previous quarterly dividend of $0.42. MGM Growth Properties’s dividend payout ratio (DPR) is currently 85.57%.
Institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of MGM Growth Properties by 1.7% during the 4th quarter. BlackRock Inc. now owns 596,733 shares of the financial services provider’s stock valued at $17,394,000 after purchasing an additional 9,773 shares during the period. Goldman Sachs Group Inc. raised its position in shares of MGM Growth Properties by 191.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 102,144 shares of the financial services provider’s stock valued at $2,978,000 after purchasing an additional 67,057 shares during the period. Xact Kapitalforvaltning AB bought a new stake in shares of MGM Growth Properties during the 4th quarter valued at $207,000. FDx Advisors Inc. raised its position in shares of MGM Growth Properties by 39.0% during the 1st quarter. FDx Advisors Inc. now owns 16,791 shares of the financial services provider’s stock valued at $446,000 after purchasing an additional 4,711 shares during the period. Finally, Wells Fargo & Company MN raised its position in shares of MGM Growth Properties by 12.5% during the 1st quarter. Wells Fargo & Company MN now owns 530,450 shares of the financial services provider’s stock valued at $14,078,000 after purchasing an additional 59,116 shares during the period. Institutional investors and hedge funds own 94.03% of the company’s stock.
MGM Growth Properties Company Profile
MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings.
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